Friday, October 3, 2008

Friday Forex Round-Up



On the weekly dollar chart, notice the following:

-- The dollar is clearly in a rally

-- The 10 and 20 week SMA are both advancing

-- The 50 week SMA is turning positive

-- Prices are above all the SMAs

-- Prices have broken through more resistance levels established last year



On the daily chart, notice the following:

-- All the SMAs are moving higher

-- The 10 day SMA is between the 20 and 50 day SMA. Aside from that, the SMAs are in a very bullish alignment

-- Prices are above all the SMAs

-- Prices are about to cross over a very important technical level.

Bottom line: these are bullish charts. Both indicate further advances are coming down the pike.